July 2012

Congress Addresses the Expiration of Bush-Era Tax Rates in 2013

31 Jul, 2012

On Wednesday, July 26, the Senate held a vote regarding the extension of the Bush-era income tax rates. The current tax cuts, set under President Bush, are set to expire on January 1 of 2013, demanding a new tax deal to be secured by Republicans and Democrats in Congress by that date. Both parties have been working on their own tax bills—Republicans offering an extension of all current Bush-era tax cuts, and Democrats allowing tax rates on income, capital gains, and dividends to rise for earnings over $250,000, but extending Bush-era tax rates for those earning less than that amount.